Consero Global Solutions Senior Accounting Specialist Interview Questions, Process, and Tips

Reasoning,English vocabulary,excel test

Q1. What is accrual,what is deffered revenue
Ans. 
Accrual is recognizing revenue and expenses when they are incurred, not when cash is exchanged. Deferred revenue is when payment is received before revenue is earned.
• Accrual accounting matches revenue and expenses to the time period they are incurred, not when cash is exchanged

• Deferred revenue is when a company receives payment for goods or services before they are actually delivered or earned

• Accrual accounting provide...read more
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Q1. How to find cogs,what is unbilled revenue
Ans. 
COGS can be found by subtracting ending inventory from beginning inventory and adding purchases. Unbilled revenue is revenue that has been earned but not yet billed to the customer.
• COGS = Beginning Inventory + Purchases - Ending Inventory

• Unbilled revenue is revenue recognized in the income statement but not yet invoiced to the customer

• Unbilled revenue is a liability on the balance sheet until it is invoiced
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Q2. What is un earned revenue
Ans. 
Unearned revenue is money received by a company for goods or services that have not yet been provided.
• Unearned revenue is a liability on the company's balance sheet until the goods or services are delivered.

• It represents an obligation to provide goods or services in the future.

• Common examples include prepaid rent, magazine subscriptions, and advance payments for services.

• As the goods or services are provided, the unear...read more
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There were 3 tests at the start. One is regarding English communication. Second is regarding logical reasoning and third is accounting related

Q1. Journal entry for deferred revenue and for unbilled revenue
Ans. 
Journal entries for deferred revenue and unbilled revenue
• Deferred revenue journal entry: Debit Cash/Accounts Receivable, Credit Deferred Revenue

• Unbilled revenue journal entry: Debit Unbilled Revenue, Credit Revenue

• Example: Deferred revenue journal entry - Debit Accounts Receivable $1,000, Credit Deferred Revenue $1,000

• Example: Unbilled revenue journal entry - Debit Unbilled Revenue $500, Credit Revenue $500
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Q2. Difference between realised and unrealised forex gain/ loss
Ans. 
Realised forex gain/loss is when the exchange rate changes and the transaction is completed, while unrealised forex gain/loss is when the exchange rate changes but the transaction is not completed.
• Realised forex gain/loss is recorded when an actual transaction occurs and the exchange rate has changed since the initial transaction.

• Unrealised forex gain/loss is recorded when the exchange rate changes but the transaction ...read more
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Q3. Consolidation entries
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There were 2 case studies about which we are supposed to write an email.

Q1. Cases to solve on excel
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Q1. What adjustments we do in consolidation
Ans. 
Adjustments in consolidation involve eliminating intercompany transactions, adjusting for differences in accounting policies, and recognizing goodwill.
• Eliminating intercompany transactions to avoid double counting

• Adjusting for differences in accounting policies to ensure consistency

• Recognizing goodwill to account for the premium paid in acquisitions
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Q2. Revenue recognition
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Online test was simple and easy

Q1. Fixed assets and depreciation accounting
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Q2. Deferred revenue and entries to be posted in books
Ans. 
Deferred revenue is revenue received in advance but not yet earned. Entries include debit to cash or accounts receivable and credit to deferred revenue.
• Deferred revenue represents money received for goods or services that have not yet been provided.

• Entries for deferred revenue typically involve debiting cash or accounts receivable and crediting deferred revenue.

• As the revenue is earned, the deferred revenue is reduced ...read more
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Q1. -----Please do not waste your time---- At last they will ask you provide original documents which is illegal in India, and also they will take money from your salary if you leave before 2 years Try somew...read more
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